February 16, 2023, 4:53PM EST
• 9 min read

An Analysis of The On-Chain Perpetual Swap Ecosystem

Quick Take

  • The majority of decentralized perpetual swaps exchanges fall into one of three models: order books, AMM-based pools and oracle-based pools, each with their own sets of pros and cons.
  • Order book-based exchanges have receded in popularity while the market’s preference for pool-based DEXs have grown rapidly over the past year.
  • GMX, Gains Trade and Level Finance are the standout performers in terms of user metrics in recent months.

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